Ann: Q4 FY19 Sales Activity Update, page-9

been trying to figure out the impact of the Texas problem.

In the half year they point out America's ebitda was 6.1 of the 9.9m. on that basis it's doing a 20% ebitda margin on the 30m revenue.

assuming full year revenue of 113m and 14m is from Texas at say 30pc ebitda mating it knocks off about 4.5m. (obviously assumes they bring OH in line which I think they will because they been good at doing this to pump up ebitda)

it's a rough guess but brings ebitda back to about 2018 levels. still cheap on that basis but a worry obviously.

piece I find exciting is the clear plan to deliver additional services onto its platform. they have some runs on board with halo so some credibility is due.

piece I worry about is ebitda is driven by cost out, not top line which is a worry but watching to see if the can drive top line and keep the higher ebitda mix

anyway just my rambles. DYOR